On Friday morning the GBP/USD touched the upper trend line of the descending channel pattern of the hourly candle chart.
The event resulted in a decline, which needed to pass the support of an hourly simple moving average for the rate to drop once more to 1.2600.
The British Pound traded sideways against the US Dollar, following the UK CPI data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate lost 10 pips or 0.08% right after the release. The British Pound continued trading at the 1.2670 level against the Greenback.
Office for National Statistics released the UK CPI data, which came out worse-than-expected of 2.1% compared with forecast 2.2%.
According to the official release: "Rising energy prices and air fares, which were influenced by the timing of Easter, produced the largest upward contributions to change in the rate between March and April 2019. The largest, offsetting, downward contribution came from across a range of recreational and cultural items, which included computer games and package holidays."
Only US data leftThe week will end with the US Durable Goods Orders and Core Durable Goods Orders on Friday at 12:30 GMT. This event has been rather non-eventful in the past half a year, as it has caused moves of only nine to 20.5 pips.
GBP/USD short-term reviewOn Friday morning the GBP/USD hit the resistance line of the descending channel pattern. This event started a decline, which resulted in the pair trading between the 55 and 100-hour simple moving averages.